THE Central Bank of Nigeria, CBN, has always played central and critical roles in upholding and driving the economy through monetary policies, but it is apparent that the Bank has become more vibrant, proactive, and innovative under the leadership of the present Governor, Godwin Emefiele. With every sense of responsibility, as financial market and economy enthusiast, Emefiele’s patriotic zeal, energetic burst and innovative capability is noteworthy.
Central banks in developing countries frame their monetary and credit policies in such a way that larger and desired quantities of bank credit go to priority sectors such as agriculture, cooperatives, small industries and export trade. They adopt the policy of controlled expansion of bank credit, to undertake direct financing of development projects by lending liberally to those institutions which provide development finance.
Prior to COVID-19, CBN had evolved policy measures aimed at achieving self-sufficiency in some 43 items by restricting access to Forex for the importation of those items. The bank supports agriculture, manufacturing and other critical sectors heavily.
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